Student Debt Forgiveness Places Campaigns in a Difficult Position

The issue of student debt forgiveness is proving to be a complex topic for both Vice President Kamala Harris and former President Donald Trump. As the Biden-Harris administration works on several of President Biden’s popular proposals, including student debt relief, Trump is vocal about his opposition to broad forgiveness—a stance that may alienate young voters, a demographic he aims to attract.

The contrasting approaches of Harris and Trump regarding student loans are striking. Harris is expected to uphold President Biden’s policies, which include various forms of debt relief, while Trump has indicated that he might offer little to no significant support for loan forgiveness.

Alan Collinge, founder of Student Loan Justice, expressed disappointment over Harris’s potential prospects for student loan reform. He reflected on the Republican approach, saying, “If you look at Project 2025, they seem to be sticking to the same narratives surrounding student loans, leaving borrowers with no real hope.”

Throughout his presidency, Biden has acted on approximately $170 billion in student debt forgiveness, yet he has fallen short of fulfilling his campaign promise to provide $10,000 in universal relief for all borrowers. During her 2019 presidential campaign, Harris proposed to forgive debts solely for Pell Grant recipients who would start businesses in disadvantaged areas for at least three years.

Since taking office, Harris has shown her support for wide-ranging debt relief initiatives, which has led many to believe that if she were elected, she would likely pursue similar policies. Michael Brickman, an adjunct fellow with the American Enterprise Institute, noted that continued attempts to relieve student debt could be expected under her leadership.

Should Harris maintain the current administration’s policies, constituents may see more actions aimed at forgiving student loans through various income-driven repayment programs. Additionally, there is an ongoing legal debate surrounding the new Saving on Valuable Education (SAVE) Income-Driven Repayment plan, which shows the administration’s ongoing commitment to reform.

A recent analysis from Harvard revealed that 70 percent of voters believe the government should take action regarding student debt. Michael Starr Hopkins, CEO of Northern Starr Strategies, highlighted, “The efforts made by the president aim to provide younger Americans with a fresh start regarding their financial futures.”

Hopkins added that it’s vital for Democrats to secure victories in both the House and Senate, underlining their focus on policies beneficial for middle-class families. In comparison, Trump’s administration provided some relief for certain groups during his term; however, this relief was limited and far less extensive than what has been enacted under Biden.

Trump’s loan relief initiatives were targeted rather than universal, with no proposals for comprehensive forgiveness measures. He has avoided addressing loan forgiveness extensively but has recently made remarks regarding the issue. “The Supreme Court ruled that President Biden cannot forgive hundreds of billions of dollars in student loan debt, which would have been unfair to those who diligently paid their debts,” Trump stated when discussing the court’s decision to overturn Biden’s extensive debt relief proposal.

As both candidates navigate the complex landscape of student debt, advocates are urging them to take action. There is a sense of frustration among loan proponents, who feel that Biden’s approach to universal forgiveness was ineffective. Collinge commented on Biden’s attempts, stating, “He failed to utilize the appropriate legislation for debt cancellation and attempted to link it to emergency powers connected to the pandemic.”

This criticism reflects a broader concern that the means Biden chose to pursue forgiveness were misaligned with the legal framework needed for effective reform.

Looking ahead, Republicans are anticipated to hold Trump accountable in ensuring that such extensive debt forgiveness does not occur again. Brickman mentioned that under a Trump presidency, there may be definitive legislative measures to terminate any potential for broad loan forgiveness permanently.

Republicans are particularly eager to set in law limitations that would prevent future administrations from implementing widespread student debt relief measures.

As the election approaches, student debt remains a pivotal issue with significant implications for voters on both sides of the aisle, influencing their choices at the ballot box.

Source: Nexstar Media, Inc.